Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
Company name: Aoyama Zaisan Networks Co., Ltd. Stock exchange listing: Tokyo
Stock code: 8929 URL https://www.azn.co.jp/
Representative: President Masazumi Hasumi Corporate Finance Division
August 7, 2025
Inquiries:
Finance Department General Manager
Seiichi Ishikawa TEL 03-6439-5800
Scheduled date to file Semi-annual Securities Report: August 7, 2025
Scheduled date to commence dividend payments: August 22, 2025 Preparation of supplementary material on financial results: Yes
Holding of financial results meeting: Yes (for analysts)
(Amounts less than one million yen are rounded down)
Consolidated financial results for the six months ended June 30, 2025 (from January 1, 2025 to June 30, 2025)
Consolidated operating results (cumulative) Percentages indicate year-on-year changes
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
Six months ended June 30, 2025
22,155
5.5
2,104
20.9
1,998
14.5
1,253
3.3
Six months ended June 30, 2024
20,994
49.5
1,740
57.8
1,744
40.0
1,212
45.6
Earnings per share
Diluted earnings per share
Yen
Yen
Six months ended June 30, 2025
52.32
52.26
Six months ended June 30, 2024
49.80
49.75
Consolidated financial position
Total assets
Net assets
Equity ratio
Net assets per share
Millions of yen
Millions of yen
%
Yen
As of June 30, 2025
28,412
10,522
36.8
436.58
As of December 31, 2024
22,392
9,816
43.6
408.17
Cash dividends
Annual dividends per share
1st quarter-end
2nd quarter-end
3rd quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Year ended December 31, 2024
-
18.00
-
28.00
46.00
Year ending December 31, 2025
-
20.00
Year ending December 31, 2025 (Forecast)
-
31.00
51.00
Forecast of consolidated financial results for the year ending December 31, 2025 (from January 1, 2025 to December 31, 2025)
Percentages indicate year-on-year changes
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Earnings per share
Full year
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
Yen
47,000
3.0
3,850
9.8
3,650
4.9
2,450
0.9
102.23
Notes
Significant changes in the scope of consolidation during the six months ended June 30, 2025: No
Application of special accounting methods for preparing semi-annual consolidated financial statements: No
Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements Changes in accounting policies due to revisions to accounting standards and other regulations: Yes Changes in accounting policies due to other reasons: No
Changes in accounting estimates: No
Restatement of prior period financial statements: No
Number of issued shares (common shares)
As of June 30, 2025 | 25,109,859 | shares | As of December 31, 2024 | 25,103,459 | shares |
As of June 30, 2025 | 1,145,250 | shares | As of December 31, 2024 | 1,159,690 | shares |
Total number of issued shares at the end of the period (including treasury shares) Number of treasury shares at the end of the period
Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended June 30, 2025 | 23,951,694 | shares | Six months ended June 30, 2024 | 24,352,072 | shares |
(Millions of yen) | ||
As of December 31, 2024 | As of June 30, 2025 | |
Assets | ||
Current assets | ||
Cash and deposits | 13,082 | 13,613 |
Accounts receivable - trade | 484 | 660 |
Real estate for sale | 1,192 | 6,784 |
Other inventories | 22 | 6 |
Other | 641 | 661 |
Allowance for doubtful accounts | (8) | (2) |
Total current assets | 15,415 | 21,723 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 245 | 257 |
Land | 1 | 1 |
Other, net | 81 | 75 |
Total property, plant and equipment | 328 | 334 |
Intangible assets | ||
Goodwill | 2,922 | 2,773 |
Software | 171 | 113 |
Other | 21 | 20 |
Total intangible assets | 3,115 | 2,906 |
Investments and other assets | ||
Investment securities | 2,845 | 2,860 |
Shares of subsidiaries and associates | 40 | 39 |
Deferred tax assets | 253 | 167 |
Other | 394 | 379 |
Total investments and other assets | 3,533 | 3,446 |
Total non-current assets | 6,977 | 6,688 |
Total assets | 22,392 | 28,412 |
(Millions of yen) | ||
As of December 31, 2024 | As of June 30, 2025 | |
Liabilities | ||
Current liabilities | ||
Accounts payable - trade | 378 | 336 |
Short-term borrowings | 200 | 4,100 |
Current portion of bonds payable | 20 | 20 |
Current portion of long-term borrowings | 1,976 | 2,367 |
Income taxes payable | 486 | 729 |
Accounts payable - other | 1,411 | 674 |
Provision for bonuses | - | 593 |
Other | 1,232 | 585 |
Total current liabilities | 5,705 | 9,407 |
Non-current liabilities | ||
Bonds payable | 70 | 60 |
Long-term borrowings | 3,704 | 4,938 |
Long-term leasehold and guarantee deposits received | 3,032 | 3,438 |
Long-term accounts payable - other | 43 | 41 |
Deferred tax liabilities | 16 | - |
Other | 3 | 2 |
Total non-current liabilities | 6,870 | 8,481 |
Total liabilities | 12,575 | 17,889 |
Net assets | ||
Shareholders' equity | ||
Share capital | 1,259 | 1,263 |
Capital surplus | 2,081 | 2,086 |
Retained earnings | 8,113 | 8,696 |
Treasury shares | (1,978) | (1,954) |
Total shareholders' equity | 9,475 | 10,091 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 350 | 414 |
Foreign currency translation adjustment | (53) | (43) |
Total accumulated other comprehensive income | 297 | 370 |
Share acquisition rights | 28 | 26 |
Non-controlling interests | 15 | 34 |
Total net assets | 9,816 | 10,522 |
Total liabilities and net assets | 22,392 | 28,412 |
(Millions of yen) | ||
Six months ended June 30, 2024 | Six months ended June 30, 2025 | |
Net sales | 20,994 | 22,155 |
Cost of sales | 17,650 | 17,895 |
Gross profit | 3,344 | 4,260 |
Selling, general and administrative expenses | 1,603 | 2,156 |
Operating profit | 1,740 | 2,104 |
Non-operating income | ||
Interest income | 4 | 10 |
Dividend income | 9 | 10 |
Foreign exchange gains | 43 | - |
Other | 2 | 16 |
Total non-operating income | 60 | 37 |
Non-operating expenses | ||
Interest expenses | 41 | 75 |
Commission expenses | 11 | 28 |
Foreign exchange losses | - | 37 |
Other | 2 | 1 |
Total non-operating expenses | 56 | 143 |
Ordinary profit | 1,744 | 1,998 |
Extraordinary losses | ||
Loss on retirement of non-current assets | - | 3 |
Total extraordinary losses | - | 3 |
Profit before income taxes | 1,744 | 1,995 |
Income taxes - current | 468 | 689 |
Income taxes - deferred | 62 | 34 |
Total income taxes | 530 | 723 |
Profit | 1,214 | 1,272 |
Profit attributable to non-controlling interests | 1 | 19 |
Profit attributable to owners of parent | 1,212 | 1,253 |
(Millions of yen) | ||
Six months ended June 30, 2024 | Six months ended June 30, 2025 | |
Profit | 1,214 | 1,272 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 116 | 63 |
Foreign currency translation adjustment | (16) | 9 |
Total other comprehensive income | 99 | 73 |
Comprehensive income | 1,313 | 1,345 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 1,312 | 1,326 |
Comprehensive income attributable to non-controlling interests | 1 | 19 |
(Millions of yen) | ||
Six months ended June 30, 2024 | Six months ended June 30, 2025 | |
Cash flows from operating activities | ||
Profit before income taxes | 1,744 | 1,995 |
Depreciation | 127 | 89 |
Amortization of goodwill | 4 | 149 |
Share-based payment expenses | 4 | - |
Increase (decrease) in allowance for doubtful accounts | (1) | (5) |
Increase (decrease) in provision for bonuses | 492 | 593 |
Interest and dividend income | (14) | (21) |
Interest expenses | 41 | 75 |
Loss on retirement of non-current assets | - | 3 |
Decrease (increase) in trade receivables | 510 | (172) |
Decrease (increase) in inventories | (1,133) | (5,596) |
Decrease (increase) in accounts receivable - other | (28) | (81) |
Decrease (increase) in advance payments to suppliers | 132 | 115 |
Decrease (increase) in advances paid | 1 | (7) |
Increase (decrease) in trade payables | (42) | (42) |
Increase (decrease) in advances received | (52) | (33) |
Increase (decrease) in accounts payable - other | (404) | (680) |
Increase (decrease) in accrued consumption taxes | (40) | (339) |
Increase (decrease) in deposits received | (151) | (224) |
Increase (decrease) in leasehold and guarantee deposits received | 232 | 405 |
Other, net | (37) | (0) |
Subtotal | 1,387 | (3,777) |
Interest and dividends received | 14 | 21 |
Interest paid | (36) | (73) |
Income taxes refund (paid) | (773) | (442) |
Net cash provided by (used in) operating activities | 592 | (4,272) |
Cash flows from investing activities | ||
Purchase of property, plant and equipment | (3) | (40) |
Purchase of intangible assets | (5) | (29) |
Purchase of investment securities | (284) | (1,565) |
Proceeds from sales and withdrawal of investment securities | 226 | 1,582 |
Other, net | (0) | 8 |
Net cash provided by (used in) investing activities | (67) | (44) |
(Millions of yen) | ||
Six months ended June 30, 2024 | Six months ended June 30, 2025 | |
Cash flows from financing activities | ||
Increase (decrease) in short-term borrowings | 2,446 | 3,900 |
Proceeds from long-term borrowings | 700 | 2,800 |
Repayments of long-term borrowings | (1,157) | (1,174) |
Redemption of bonds | (30) | (10) |
Proceeds from exercise of employee share options | 36 | 5 |
Purchase of shares of subsidiaries not resulting in change in scope of consolidation | (19) | - |
Dividends paid | (632) | (668) |
Net cash provided by (used in) financing activities | 1,343 | 4,852 |
Effect of exchange rate change on cash and cash equivalents | 7 | (5) |
Net increase (decrease) in cash and cash equivalents | 1,874 | 529 |
Cash and cash equivalents at beginning of period | 14,693 | 12,934 |
Cash and cash equivalents at end of period | 16,567 | 13,463 |